Fundamentals of Economics

Quiz

Played 0

Create copy

About this activity

Key terms and concepts

Created by

Isabella Larsen

United States

Download the paper version to play

Top 10 results

There are still no results for this game. Be the first to stay in the ranking! Log in to identify yourself.

Make your own free game from our game creator

Compete against your friends to see who gets the best score in this game

Make challenge

Practice Quiz - Punnett Square, Variation, and Mutations

Benjamin D Morgan

United States

(14)

Practice Quiz - Punnett Square, Variation, and Mutations
UPS 5 Seeing Habits Quiz

Heather Bell

United States

(12)

Test your knowledge about the 5 seeing habits discussed in the text 'UPS 5 seeing habits'.
Photosynthesis vs Cellular Respiration - Practice Quiz

Benjamin D Morgan

United States

(39)

Photosynthesis vs Cellular Respiration - Practice Quiz
Spanish Alphabet Listening

Falkenberg Falkenberg

United States

(88)

Spanish alphabet, listening-based assessment
Tissues - Practice Quiz

Benjamin D Morgan

United States

(16)

Tissues - Practice Quiz

		%
	Anonymous	%
		%
		%

Print your game

Fundamentals of Economics


Fundamentals of EconomicsOnline version Key terms and concepts by Isabella Larsen 1 Resource: anything used to produce an economic good or service. a Financial resource b A resource is only money c Resource: anything used to produce an economic good or service. d A resource is a product that is consumed immediately 2 Positive economics: the branch of economics that uses objective analysis to find out how the economy actually works. a Economics that ignores data and analysis b Normative economics: judging values in data c Positive economics: the branch of economics that uses objective analysis to find out how the economy actually works. d Economics that focuses on personal opinions 3 Normative economics: the branch of economics that applies value judgements to data in order to recommend actions or policies. The goal is to advise how things ought to be done. a Economics without any value judgments b Positive economics: objective analysis c Descriptive economics without policy advice d Normative economics: the branch of economics that applies value judgements to data in order to recommend actions or policies. The goal is to advise how things ought to be done. 4 Cost-benefit analysis: a way to compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth taking. a Market analysis: comparing supply and demand b Cost-benefit analysis: a way to compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth taking. c Risk assessment: only considers costs d Value analysis: ignores benefits 5 Margin: the border or outer edge of something. a Margin: the border or outer edge of something. b Core c Interior d Center 6 Market: an arrangement that brings buyers and sellers together to do business with each other. a Market: an arrangement that brings buyers and sellers together to do business with each other. b Monopoly: single seller dominates c Workshop: a place to learn skills d Factory: a large production site 7 The invisible hand: Adam Smith’s metaphor to explain how an individual’s pursuit of economic self-interest can promote the well-being of society as a whole. a The silent engine: government intervention guides markets b The visible foot: government planning for society c The hidden hand: random market forces without influence d The invisible hand: Adam Smith’s metaphor to explain how an individual’s pursuit of economic self-interest can promote the well-being of society as a whole. 8 Economic model: a simplified representation of reality that allows economists to focus on the effects of one change at a time. a Economic theory: a complex, exact replica of reality b Economic model: a simplified representation of reality that allows economists to focus on the effects of one change at a time. c Descriptive map: shows locations of markets d Price model: focuses only on prices 9 Rational-behavior model: the idea that people behave in ways that are based on reason and self-interest. a Habitual-behavior model: actions are never reasoned b Rational-behavior model: the idea that people behave in ways that are based on reason and self-interest. c Emotional-behavior model: decisions are driven by emotion only d Irrational-behavior model: people ignore reason

You can integrate the game into an LMS compatible with LTI 1.1 or LTI 1.3 such as Canvas, Moodle, or Blackboard. This way, the scores will be automatically saved into the platform’s gradebook.

Fundamentals of Economics

Quiz

About this activity

Created by

Download the paper version to play

Top Games

Quiz

Practice Quiz - Punnett Square, Variation, and Mutations

Quiz

UPS 5 Seeing Habits Quiz

Quiz

Photosynthesis vs Cellular Respiration - Practice Quiz

Quiz

Spanish Alphabet Listening

Quiz

Tissues - Practice Quiz

Fundamentals of EconomicsOnline version

by Isabella Larsen

Resource: anything used to produce an economic good or service.

Positive economics: the branch of economics that uses objective analysis to find out how the economy actually works.

Normative economics: the branch of economics that applies value judgements to data in order to recommend actions or policies. The goal is to advise how things ought to be done.

Cost-benefit analysis: a way to compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth taking.

Margin: the border or outer edge of something.

Market: an arrangement that brings buyers and sellers together to do business with each other.

The invisible hand: Adam Smith’s metaphor to explain how an individual’s pursuit of economic self-interest can promote the well-being of society as a whole.

Economic model: a simplified representation of reality that allows economists to focus on the effects of one change at a time.

Rational-behavior model: the idea that people behave in ways that are based on reason and self-interest.